As per a joint venture Definitive Agreement signed on February 2, 2021, Agnico would provide a total of C$18 million of funding over four years for exploration expenditures at the Douay and Joutel properties, which will be allocated based on management committee budgets. Agnico and Maple Gold will contribute proportionately for expenditures thereafter. 

Other terms of the joint venture include:

• Maple Gold’s exploration team will be supported by Agnico Eagle’s top-tier technical team which has vast experience and knowledge of the Abitibi as well as access to best-in-class software and tools.
• Agnico and Maple Gold will jointly fund an additional C$500,000 in exploration of VMS targets located on the western portion of the Douay Project.
• Agnico to support Maple Gold in its pursuit of third-party project financing for the development phase; and
• Maple Gold retains a 2% NSR on the Douay property with aggregate buyback provisions of C$40 million.

The Douay Project resource remains open in multiple directions laterally with significant resource expansion potential. Significant drill gaps of hundreds of metres remain throughout the 6-by-2 km resource area, with many areas in and around the resource underexplored. Maple Gold and Agnico share a common vision for realizing the exploration potential at the Douay God Project. With close collaboration and by employing modern approaches to exploration, management believes there is strong potential for expanded mineral resources and new gold discoveries across the district-scale property package.

 Underground Exploration Potential*

The resource is also open at depth, with known higher-grade zones open down plunge and the vertical depth of all drilling at Douay averaging only 350 metres. Figure 2 shows the SLR underground reporting shapes in pink (460,000 Inferred ounces averaging 1.68 g/t Au), as well as the mineralized blocks at various grades below the pit shells that were not included in the reporting shapes, therefore, not reported in the current Mineral Resource statement, due to insufficient drilling.

Figure 2: NW-SE longitudinal section showing distribution of below-pit-shell underground blocks and resource expansion potential at depth. Other mine/project information is shown for reference only.

*The potential quantity and grade are conceptual in nature as there has been insufficient exploration to define a Mineral Resource along strike from the resource area, and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. The underground exploration potential estimated outside of the resource reporting pit shell is based on areas of mineralisation intersected by drilling, but not necessarily supported by two drill holes, which was required for Inferred Mineral Resources, plus the immediate down-plunge extension of known zones of mineralisation.

Qualified Persons

The Mineral Resources disclosed on this page have been estimated by Ms. Marie-Christine Gosselin, P.Geo., an employee of SLR and independent of Maple Gold Mines. By virtue of her education and relevant experience, Ms. Gosselin is a "Qualified Person" for the purpose of NI 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014). Ms. Gosselin, P.Geo. has read and approved the contents of this press release as it pertains to the disclosed Mineral Resource estimates. Further information about key assumptions, parameters, and methods used to estimate the Mineral Resources, as well as legal, political, environmental, or other risks that may affect the Mineral Resource estimate will be included in a NI 43-101 Technical Report to be filed on SEDAR within 45 days following the March 17, 2022 press release.

The scientific and technical data contained on this page was reviewed and prepared under the supervision of Mr. Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under NI 43-101. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.